With just three days left to the premier SACCOTECH event, Stima Sacco, Saccos Society Regulation Authority (SASRA) and Kenya Union of Savings and Credit Co-operatives Ltd have penned their commitment.
The event, scheduled for the 10th April 2019 at Serena Hotel Nairobi, is themed to Harness Technology into SACCOS for Socio-Economic Development.
KUSCO plays the representative role as the support pillar to SACCOs in Kenya by addressing the needs, concerns and challenges facing SACCOs in Kenya in regard to legal matters and business requirements.
Continually speaking and acting on behalf of SACCOs to protect, defend and uphold their rights as business entities and stakeholders in the socio-economic development of Kenya; with a need to operate in a conducive and fair business environment.
Its key areas of mandate include: Unfair taxation, Delayed or non-remittance of SACCO dues, Unfair competition by other financial institutions in the market, Unjustified levies on SACCOs’ and members’ funds.
At the forum, KUSCO will deliberate on the Role of SACCOs in the National Transformation led by the Managing Director, George Ototo.
TO REGISTER CLICK https://events.cio.co.ke/event/east-africa-saccotech-forum/
SASRA, also the Sacco Societies Regulatory Authority, steps in to this wonderful one day event as a part of its obligation to regulate the deposit taking Saccos in Kenya and to explore the means of leveraging technology and harnessing AI for seamless SACCOs operations, to optimize value for customers all over the country and for social prosperity.
In a report SASRA says, “The deposit taking SACCOS offer affordable rates with high quality services to their members that help simplify their lives and even empower them to meet financial goals.” Adding; “The continued high concentration of both head-offices and branch networks of sacco societies in hardly a third of all counties in the country is evidence that most parts of the country are still under-covered by DT-saccos and thus almost probably financially excluded,”
SASRA is legally mandated to; License Sacco societies to carry out deposit-taking business in accordance with the Sacco Societies Act, Regulate and supervise Sacco societies, Hold, manage and apply the General Fund of the Authority in accordance with the provisions of this Act, Levy contributions in accordance with this Act, do all such other things as may be lawfully directed by the Minister and Perform such other functions as are conferred on it by this Act or by any other written law.
It is obliged to ensure even distribution of deposit Taking SACCOs throughout the county to spread financial inclusivity, a subject that will be explored at the forum.
On-boarding this bandwidth also is Stima SACCO which timely confirmed partnership with the host- CIO East Africa and other partners to see to the success of this premier technology even to disrupt the Saccos’ domain and enhance financial inclusivity.
“SACCOs have been said to be a source of wealth and financial growth. Wealthy counties have the highest concentration of deposit-taking saccos,” reads a report from analysis of separate data by Sasra and the Kenya National Bureau of Statistics (KNBS), affirming the disparity in key economic activities and financial inclusion across the country.
The deposit taking Sacco whose vision is to redefine financial wellness, will be represented by its CEO, Abdulrazak Adan, who will heighten discussions about a use case for mobile banking at the Sacco and the possible even spread of SACCOS in the country.
SACCOTECH is the single most advancing event, ever held in the land to bring technology into the day to day operations of SACCOS and aimed to optimize the SACCOS experience both for the SACCOs and their members.
CLICK HERE TO REGISTER, https://events.cio.co.ke/event/east-africa-saccotech-forum/